Patricia Hayes invested $7,000 four times a year in an ordinary annuity at Southern Trust Company for a period of 4 years at an annual interest rate of 8% compounded quarterly. Using the ordinary annuity table calculate the total value of the annuity at the end of the 4-year period.

$

Additional Resources

Ordinary annuity table: Compound sum of an annuity of $1
Period	2%	3%	4%	5%	6%	7%	8%	9%	10%	11%	12%
1	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000	1.0000
2	2.0200	2.0300	2.0400	2.0500	2.0600	2.0700	2.0800	2.0900	2.1000	2.1100	2.1200
3	3.0604	3.0909	3.1216	3.1525	3.1836	3.2149	3.2464	3.2781	3.3100	3.3421	3.3744
4	4.1216	4.1836	4.2465	4.3101	4.3746	4.4399	4.5061	4.5731	4.6410	4.7097	4.7793
5	5.2040	5.3091	5.4163	5.5256	5.6371	5.7507	5.8666	5.9847	6.1051	6.2278	6.3528
6	6.3081	6.4684	6.6330	6.8019	6.9753	7.1533	7.3359	7.5233	7.7156	7.9129	8.1152
7	7.4343	7.6625	7.8983	8.1420	8.3938	8.6540	8.9228	9.2004	9.4872	9.7833	10.0890
8	8.5829	8.8923	9.2142	9.5491	9.8975	10.2598	10.6366	11.0285	11.4359	11.8594	12.2997
9	9.7546	10.1591	10.5828	11.0265	11.4913	11.9780	12.4876	13.0210	13.5795	14.1640	14.7757
10	10.9497	11.4639	12.0061	12.5779	13.1808	13.8164	14.4866	15.1929	15.9374	16.7220	17.54